$TRIP
TripAdvisor, Inc.

2015 Q1 Form 10-Q Financial Statement

#000156459015003419 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $363.0M $281.0M
YoY Change 29.18% 22.17%
Cost Of Revenue $13.00M $8.000M
YoY Change 62.5% 119.54%
Gross Profit $350.0M $273.0M
YoY Change 28.21% 20.61%
Gross Profit Margin 96.42% 97.15%
Selling, General & Admin $190.0M $127.0M
YoY Change 49.61% -2.68%
% of Gross Profit 54.29% 46.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.00M $10.00M
YoY Change 40.0% 35.14%
% of Gross Profit 4.0% 3.66%
Operating Expenses $190.0M $127.0M
YoY Change 49.61% -7.97%
Operating Profit $90.00M $96.00M
YoY Change -6.25% 9.09%
Interest Expense $2.000M $2.000M
YoY Change 0.0% -183.33%
% of Operating Profit 2.22% 2.08%
Other Income/Expense, Net -$4.000M -$2.000M
YoY Change 100.0% 100.0%
Pretax Income $86.00M $94.00M
YoY Change -8.51% 11.9%
Income Tax $23.00M $26.00M
% Of Pretax Income 26.74% 27.66%
Net Earnings $63.00M $68.00M
YoY Change -7.35% 9.68%
Net Earnings / Revenue 17.36% 24.2%
Basic Earnings Per Share $0.44 $0.48
Diluted Earnings Per Share $0.43 $0.47
COMMON SHARES
Basic Shares Outstanding 143.1M 142.4M
Diluted Shares Outstanding 145.9M 145.7M

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $623.0M $512.0M
YoY Change 21.68% 26.08%
Cash & Equivalents $505.0M $319.0M
Short-Term Investments $118.0M $193.0M
Other Short-Term Assets $42.00M $21.00M
YoY Change 100.0% 22.09%
Inventory
Prepaid Expenses
Receivables $229.0M $151.0M
Other Receivables $0.00 $12.00M
Total Short-Term Assets $894.0M $645.0M
YoY Change 38.6% 10.48%
LONG-TERM ASSETS
Property, Plant & Equipment $226.0M $114.0M
YoY Change 98.25% 144.11%
Goodwill $502.0M
YoY Change
Intangibles $50.00M
YoY Change
Long-Term Investments $19.00M $284.0M
YoY Change -93.31% 48.77%
Other Assets $39.00M $19.00M
YoY Change 105.26% 34.75%
Total Long-Term Assets $1.200B $970.0M
YoY Change 23.71% 27.99%
TOTAL ASSETS
Total Short-Term Assets $894.0M $645.0M
Total Long-Term Assets $1.200B $970.0M
Total Assets $2.094B $1.615B
YoY Change 29.66% 20.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.00M $11.00M
YoY Change 136.36% 1.85%
Accrued Expenses $67.00M $81.00M
YoY Change -17.28% 45.16%
Deferred Revenue
YoY Change
Short-Term Debt $40.00M $40.00M
YoY Change 0.0% 87.79%
Long-Term Debt Due $40.00M $40.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $452.0M $293.0M
YoY Change 54.27% 67.91%
LONG-TERM LIABILITIES
Long-Term Debt $250.0M $290.0M
YoY Change -13.79% -12.12%
Other Long-Term Liabilities $174.0M $73.00M
YoY Change 138.36% 143.33%
Total Long-Term Liabilities $424.0M $363.0M
YoY Change 16.8% 0.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $452.0M $293.0M
Total Long-Term Liabilities $424.0M $363.0M
Total Liabilities $915.0M $671.0M
YoY Change 36.36% 23.94%
SHAREHOLDERS EQUITY
Retained Earnings $470.0M
YoY Change
Common Stock $618.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $145.0M
YoY Change
Treasury Stock Shares $2.121M
Shareholders Equity $1.179B $944.0M
YoY Change
Total Liabilities & Shareholders Equity $2.094B $1.615B
YoY Change 29.66% 20.37%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $63.00M $68.00M
YoY Change -7.35% 9.68%
Depreciation, Depletion And Amortization $14.00M $10.00M
YoY Change 40.0% 35.14%
Cash From Operating Activities $99.00M $109.0M
YoY Change -9.17% 147.73%
INVESTING ACTIVITIES
Capital Expenditures $31.00M $20.00M
YoY Change 55.0% 122.22%
Acquisitions $5.000M
YoY Change
Other Investing Activities -$3.000M -$107.0M
YoY Change -97.2% -36.87%
Cash From Investing Activities -$34.00M -$127.0M
YoY Change -73.23% -29.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.00M $10.00M
YoY Change 0.0% 0.0%
Cash From Financing Activities -3.000M -14.00M
YoY Change -78.57% -26.32%
NET CHANGE
Cash From Operating Activities 99.00M 109.0M
Cash From Investing Activities -34.00M -127.0M
Cash From Financing Activities -3.000M -14.00M
Net Change In Cash 62.00M -32.00M
YoY Change -293.75% -79.22%
FREE CASH FLOW
Cash From Operating Activities $99.00M $109.0M
Capital Expenditures $31.00M $20.00M
Free Cash Flow $68.00M $89.00M
YoY Change -23.6% 154.29%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:16pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.84%;">Pursuant to our disclosure in &#8220;Note 16&#8212; Segment and Geographic Information&#8221; in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December&#160;31, 2014, management revised our reportable segments.&nbsp;&nbsp;All prior periods disclosures have been reclassified to conform to the current reporting structure.&#160;&#160;These reclassifications had no effect on our unaudited consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.84%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All other reclassifications made to conform the prior period to the current presentation, were not material and had no net effect on our unaudited consolidated financial statements. </p></div>
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Accounting Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">We use estimates and assumptions in the preparation of our unaudited consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our unaudited consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our unaudited consolidated financial statements include: (i) recoverability of intangible assets and goodwill, (ii) recoverability and useful life of long-lived assets, (iii) accounting for income taxes, (iv) purchase accounting for business combinations and (v) stock-based compensation. </p></div>
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
8153000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
44.47
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
86.07
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
34.30
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
51.97
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
34.42
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
31000000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
36000000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0151
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0197
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M16D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M17D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4186
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4809
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
25000000
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
23000000
CY2015Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
642000000
CY2015Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
642000000
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
594000000
CY2015Q1 us-gaap Cash
Cash
478000000
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
594000000
CY2014Q4 us-gaap Cash
Cash
447000000
CY2015Q1 trip Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P90D
CY2015Q1 trip Marketable Securities Long Term Maximum Maturity Period
MarketableSecuritiesLongTermMaximumMaturityPeriod
P3Y
CY2015Q1 trip Marketable Securities Long Term Minimum Maturity Period
MarketableSecuritiesLongTermMinimumMaturityPeriod
P1Y
CY2015Q1 trip Maximum Remaining Maturity Period For Short Term Securities
MaximumRemainingMaturityPeriodForShortTermSecurities
P12M
CY2015Q1 trip Minimum Maturity Period For Short Term Securities
MinimumMaturityPeriodForShortTermSecurities
P90D
CY2015Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
3000000
CY2015Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Description Of Terms
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsDescriptionOfTerms
Our current forward contracts are not designated as hedges and have current maturities of less than 90 days
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
207000000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
186000000
CY2015Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
91000000
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
77000000
CY2015Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
110000000
CY2014Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
86000000
CY2015Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
13000000
CY2015Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
4000000
CY2015Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-18000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
190000000
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
202000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24000000
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
166000000
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
184000000
CY2015Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
30000000
CY2014Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
30000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P6Y7M6D
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
22000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
29000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
27000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
25000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
22000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
41000000
CY2015Q1 trip Percentage Of Repayment Amount On Principal Amount Of Term Loan After First Year
PercentageOfRepaymentAmountOnPrincipalAmountOfTermLoanAfterFirstYear
0.025
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.277
CY2015Q1 us-gaap Income Tax Examination Interest Accrued
IncomeTaxExaminationInterestAccrued
3000000
CY2015Q1 us-gaap Income Tax Examination Penalties Accrued
IncomeTaxExaminationPenaltiesAccrued
0
CY2015Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
29000000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
41000000
CY2015Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
36000000
CY2014Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
24000000
CY2015Q1 trip Accrued Charitable Foundation Payments Current
AccruedCharitableFoundationPaymentsCurrent
2000000
CY2014Q4 trip Accrued Charitable Foundation Payments Current
AccruedCharitableFoundationPaymentsCurrent
9000000
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
48000000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
40000000
CY2015Q1 trip Unrecognized Tax Benefits Including Interest Accrued
UnrecognizedTaxBenefitsIncludingInterestAccrued
73000000
CY2014Q4 trip Unrecognized Tax Benefits Including Interest Accrued
UnrecognizedTaxBenefitsIncludingInterestAccrued
68000000
CY2015Q1 us-gaap Construction Loan Noncurrent
ConstructionLoanNoncurrent
82000000
CY2014Q4 us-gaap Construction Loan Noncurrent
ConstructionLoanNoncurrent
67000000
CY2015Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
19000000
CY2014Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
19000000
CY2015Q1 trip Threshold Percentage Of Damages Sought To Consolidated Assets Requiring Disclosure
ThresholdPercentageOfDamagesSoughtToConsolidatedAssetsRequiringDisclosure
0.10
CY2015Q1 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
127000000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2417000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2884000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
310000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
382000
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2981000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2127000
CY2015Q1 trip Performance Based Restricted Stock Units And Options Number Of Securities Called By Options And Restricted Stock Units
PerformanceBasedRestrictedStockUnitsAndOptionsNumberOfSecuritiesCalledByOptionsAndRestrictedStockUnits
66666
CY2014Q1 trip Performance Based Restricted Stock Units And Options Number Of Securities Called By Options And Restricted Stock Units
PerformanceBasedRestrictedStockUnitsAndOptionsNumberOfSecuritiesCalledByOptionsAndRestrictedStockUnits
121666
CY2015Q1 trip Separation Agreement Date
SeparationAgreementDate
2015-04-02
CY2015Q1 trip Transition Period Description
TransitionPeriodDescription
Ms. Bradley has agreed to remain with the Company on a full-time basis for a transition period, which will last until the earlier of September 30, 2015 or thirty days following her successor’s start date (the “Transition Period”).
CY2015Q1 trip Employment Agreement Date
EmploymentAgreementDate
2014-03-31

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trip-20150331.xml Edgar Link completed
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